EURJPY approaching major level of resistance, prepare to sell
Sell below 128.97. Stop loss at 129.54. Take profit at 127.56 and 127.04.
Reason for the trading strategy (technically):
Price has reacted off our selling area perfectly. We remain bearish below major level of resistance at 128.97 (Fibonacci retracement, horizontal overlap resistance, Fibonacci extension) and we expect to see a strong reaction off this level for a push down to first 127.56 support (Fibonacci retracement, horizontal swing low support) before 127.04 (Fibonacci extension).
Stochastic (34,5,3) is dropping nicely from our 93% resistance.
Reason for the trading strategy (technically):
Price has reacted off our selling area perfectly. We remain bearish below major level of resistance at 128.97 (Fibonacci retracement, horizontal overlap resistance, Fibonacci extension) and we expect to see a strong reaction off this level for a push down to first 127.56 support (Fibonacci retracement, horizontal swing low support) before 127.04 (Fibonacci extension).
Stochastic (34,5,3) is dropping nicely from our 93% resistance.